![]() Lincoln Street is not named for President Abraham Lincoln. Hopefully with an explanation as to why you need the closing statement, the closing attorney will oblige. Remind the attorney that you do not want to possess the Closing Disclosure due to the heavy burden of protecting the nonpublic personal information contained therein. No extra work is involved in creating the closing statement. Almost all closing attorney software products allow for the printing of a closing statement in addition to the Closing Disclosure. In the rare instance that a closing attorney does not prepare any closing statement, please remind the attorney of your statutory requirements under the statute. Blair Cato has created its own closing statement that is heavily based on the ALTA form. Some attorneys have chosen to use the pre-GFE HUD-1. The American Land Title Association has created the ALTA Model Settlement Statement which was designed to be a model form. While there is no TRID requirement for the closing attorney to prepare and deliver a settlement statement, most attorneys are preparing some type of closing statement. Lastly, most brokers require a settlement statement in order for the licensee to get paid. ![]() ![]() Secondly, the licensee must retain certain transaction documents for a period of 5 years. First, a licensee is required by state law to ensure that their client receives a copy of the closing statement properly accounting for all funds paid, received and expended in connection with the transaction. The answer is no, which raises several issues for the real estate licensee. Several of you have asked if the closing attorney is required by TRID to prepare a settlement statement. ![]()
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